5 simple accounting tips for Photographers

20 Jan, 2016

If you run a small hobby or lucrative photography business, accounting is a must-have for your business system.

Before you get to a point where it makes more sense to just hand over this important task to a professional, you will NEED a workflow system for your finances.
Since numbers, money, and everything involved probably isn't your strong suit (just guessing...most photographers are creative with a desire to NOT touch this stuff), I have complied a simple list of accounting hacks for photographers just like you!
If you follow these simple tips, I can assure you that this accounting stuff won't be near as painful as you might think!

Keep a book or spreadsheet

This is the first step in keeping your accounting information in one place and organized. Whether you use an Excel spreadsheet or invest in a top of the line program like Quickbooks, this is the key of keeping your finances tidy.
If you don't keep a book of your purchases, sales, and tax estimates, how exactly do you plan on running a successful business?
Our financial spreadsheets for Excel were created specifically for photographer & freelance creatives to help you achieve just that!
So if you aren't doing this yet, find a program or product that works for you and start there!

Set an accounting and bookkeeping schedule

I cannot stress to you how important this can be for your business!
Imagine going ALL YEAR without recording any kind of information and having to do it all at the end of the year, before tax season.
Talk about a major headache!
Setting out an hour (or less) per week to record all of your finances will not only save you time in the long run, but it will save your sanity when it comes time to prep yourself for tax season.

Keep invoices updated and organized

Not only will keeping a financial record come in handy, but if you are ever in a situation where you need to provide proof of client payments, keeping invoices and receipts updated will be a saving grace to you!

Create a workflow system

This goes for everything from keeping your receipts handy and on file (instead of shoved somewhere in a shoe box), to having all of your invoices and data in one easy to reach spot on your computer. Having a workflow system set in motion will help you be more efficient at running your business.
If you spend hours looking up the same things over and over for each new client because you don't have a system put in place, how does this affect your time and money?
Consider downloading our FREE client directory spreadsheet to help you with keeping your client information at-hand!

Keep a tidy work space

This should go without saying, but keeping an tidy work area will be a TREMENDOUS help to your accounting & business success.
Having the proper file system in place, as well as a clean & streamlined computer system at hand will keep your business in great shape.
Not only will you be able to find information quicker, but having a clean work space will just feel great.
I mean, who doesn't like to work in a clean environment?

Do you follow a financial workflow? If not, how can you use these accounting hacks to improve this part of your business? Let's talk about it in the comments below!